Indiabulls Housing profit increases

Posts Rs 351 cr profit, total income jumps 28% to Rs 1,344 cr

Indiabulls Housing Finance today posted 31 per cent rise in net profit of Rs 351 crore in the first quarter aided by higher net interest income. “We have been able to grow higher than the guidance for the full year due to strong NII in the first quarter” said Gagan Banga, chief executive officer, Indiabulls Housing Finance.

The company’s consolidated total income rose 28 per cent to Rs 1344 crore. Assets under management (AUM) rose 25 per cent to Rs 29,398 crore. Gross non performing assets (NPA) and net NPA stood at 0.78 per cent and 0.34 per cent respectively.

Average ticket size of the loans for the company was Rs 24 lakh. It added 5 branches during the first quarter to have a network of 205 branches. The company also opened its first international branch in London for non resident Indians.

Following the completion of reverse merger process, Indiabulls Housing Finance’s shares will start trading on exchanges next week.